GSK plc Final Results

GSK delivers strong 2024 performance with further improvement to long-term growth outlook

Strong sales and Core EPS growth reflecting accelerating momentum in Specialty Medicines offsetting lower Vaccine sales

• Total 2024 sales £31.4 billion +3% AER; +7% CER.
• Specialty Medicines sales +19%. HIV sales +13%. Oncology +98%. Respiratory/Immunology and Other +13%.
• Vaccines sales -4%. Shingrix +1% and Arexvy -51%.
• General Medicines sales +6%. Trelegy +27%.
• Total operating profit -33% and Total EPS -40% largely driven by £1.8 billion ($2.3 billion) charge relating to settlement of Zantac litigation.
• Core operating profit +11% (with further positive impact of +2% ex COVID) and Core EPS +10% (with further positive impact of +2% ex COVID) reflecting strong Specialty Medicines performance and disciplined increased investment in progressing the R&D portfolio.
• Cash generated from operations in the year of £8 billion with Free cash flow of £3 billion.

	2024			Q4 2024
	£m	% AER	% CER	£m	% AER	% CER
Turnover	31,376	3	7	8,117	1	4
Turnover ex COVID	31,364	4	8	8,106	1	4
Total operating profit	4,021	(40)	(33)	696	21	54
Total operating margin %	12.8%	(9.4ppts)	(8.3ppts)	8.6%	1.5ppts	3.4ppts
Total EPS	63.2p	(48)	(40)	10.1p	18	60
Core operating profit	9,148	4	11	1,431	(18)	(10)
Core operating margin %	29.2%	0.2ppts	0.9ppts	17.6%	(4.1ppts)	(2.9ppts)
Core EPS	159.3p	3	10	23.2p	(20)	(10)
Cash generated from operations	7,861	(3)		2,586	(30)

Further progress in R&D with growth prospects strengthened in all key therapeutic areas:

• 71 Specialty Medicines and Vaccines now in clinical development, including 19 in phase III/registration.
• Excellent pipeline progress in 2024 with 13 positive phase III readouts across Respiratory, Immunology & Inflammation; Oncology; HIV and Infectious Diseases.
• Continued targeted business development to support future growth: proposed acquisition of IDRx, Inc. (GI cancers); acquisition of Aiolos Bio (asthma) and new research alliance with Flagship Pioneering (Respiratory, Immunology & Inflammation), plus strengthened platform capabilities through acquisition of Elsie Biotechnologies (oligonucleotides).
• 5 major new product approvals expected in 2025 including: Blenrep (multiple myeloma) and depemokimab (severe asthma and CRSwNP⁽¹⁾); plus phase III readouts: camlipixant (refractory chronic cough) and tebipenem (complicated UTI); and important pipeline catalysts: Respiratory (depemokimab COPD); Oncology (B7-H3 & B7-H4 ADCs); HIV (ULA Q4/Q6M).

Increased returns to shareholders

• Q4 2024 dividend of 16p declared; 61p FY 2024; 64p expected for 2025.
• £2 billion share buyback programme to be implemented over the next 18 months.

2025 guidance and further improvement to long-term outlooks

• Expect 2025 turnover growth of between 3% to 5%; Core operating profit growth of between 6% to 8%; Core EPS growth of between 6% to 8%, including the expected benefit from the share buyback programme.
• 2031 sales outlook increased to more than £40 billion (previously >£38 billion), reflecting late-stage pipeline progress

Guidance all at CER.

Emma Walmsley, Chief Executive Officer, GSK:

“GSK delivered another year of excellent performance in 2024, with strong sales and core profit growth driven by accelerating momentum of our specialty medicines portfolio. This, together with outstanding phase III pipeline progress, means we expect another year of profitable growth in 2025, and have further improved our long-term outlook, with sales of more than £40 billion now expected by 2031. In particular, we are increasing and prioritising R&D investment to promising new long-acting and specialty medicines in Respiratory, Immunology & Inflammation, Oncology and HIV. Our outperformance and stronger balance sheet support these investments and others planned in R&D, as well as the opportunity to enhance shareholder returns through our progressive dividend and the share buyback programme which we have set out today.“